Core Viewpoint - Anke Detection (300572.SZ) reported a slight decline in revenue and continued losses in its Q3 2025 financial results, raising concerns about its governance following penalties imposed on its subsidiaries for issuing false emission inspection reports [1][2]. Financial Performance - For the first three quarters, the company achieved a revenue of 326 million yuan, a year-on-year decrease of 0.17% [1]. - The net profit attributable to shareholders was -21.19 million yuan, although this represented a 19.52% improvement in loss compared to the same period last year [1][4]. - The net profit excluding non-recurring gains and losses was -29.49 million yuan, with a gross margin of 30.84%, showing a slight increase of 0.16 percentage points year-on-year [4]. Governance and Compliance Issues - Two subsidiaries of Anke Detection, Zhuhai Jinsheng Automotive Testing Co., Ltd. and Zhuhai Jinda Automotive Testing Co., Ltd., were fined a total of 262,500 yuan for issuing false emission inspection reports [2]. - The penalties included a fine of 137,500 yuan for Jinsheng and 125,000 yuan for Jinda, along with the confiscation of illegal gains [2]. Control Change - In August, Anke Detection announced a control change plan where Shanghai Xirui Technology Co., Ltd. intends to become the new controlling shareholder through a share transfer and voting rights delegation [3]. - Xirui Technology plans to acquire 14.72 million shares at a price of 21.84 yuan per share, totaling approximately 322 million yuan, which will give it control over 20% of the voting rights [3]. Cost Management - The total period expenses for the company were 136 million yuan, a decrease of 6.57% year-on-year, with a period expense ratio of 41.57%, down 2.86 percentage points [4]. - Sales and R&D expenses decreased by 8.24% and 33.31%, respectively, while financial expenses increased by 58.64% due to rising financing costs [4]. Shareholder Information - As of the end of Q3, the total number of shareholders reached 16,400, an increase of 4,138 shareholders, representing a growth of 33.69% compared to the end of the previous half [5].